Coyote Valley Products Coyote Valley Products Has Daily Cash Collections of $500,000. the of $500,000
Coyote Valley Products
Coyote Valley Products has daily cash collections of $500,000. The cash management staff has determined (1) customers’ payments are in the mail an average of 3 days; (2) processing after receipt averages 1 day; and (3) after deposit funds are cleared on average in 2 days. Assume a 365 day year.
-Refer to Coyote Valley Products.What is the firm's collection float,in days?
A) 6
B) 5
C) 4
D) 3
Correct Answer:
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